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a centralized state of economy to a mixed economy that evolves from central state economy aspects and some market aspects, but not in the manner that actually allowed the market to be efficient at all. >> when did this change occur from centralized next? >> most of these countries, the late developed countries, they underwent a period where they had to actually involve the masses in order to gain support. and legitimacy. when this process, for a variety of reasons began to create problems for the regimes in power, and when external support and pressure for some of these regimes and for some of the directions that were unable at the time moving towards a market economy around the 1980s took place, you saw a lot of these third world regimes, or the global south, begin to move from a central economy to more market oriented economy and the international financial institutions like the imf and the world bank played a role in doing so, because they would literally place condition now is on loans. the conditionality and called moving markets into the economy. >> what role does the assad regime pl
. let me talk about the sharing economy and how it plays into this. we define it broadly. we see it as a shift from a top- down factory model of society to a pear to peer network model of society. large corporations further consolidate wealth and power in the old system. the emerging sharing economy is democratizing wealth and decision making in new networking modes of production, consumption, and governance. the sharing economy is driven by economic, environmental, and social crisis, also new technologies come a new culture of sharing, and a new generation, the first one raised on the net where schering is part of their value system -- where sharing is part of their value system. there is car sharing, open source software. co-working and the collaborative consumption companies with us today. many of the legacy institutions have lost their capacity to serve in some cases. or they have lost their credibility. all of these types of innovations, these share rubble innovations -- shareable innovations are on the rise. they are not centrally- controlled, one-size-fits-all solutions. i
an environment that will be welcoming of the new economy, technology, and innovation to reinforce what we have been saying. we are the innovation capital of the world. with your help and involvement. we would like to have the rest of the city picked up and be part of it as well. we think we can have that conversation. we will need your help. we will need you to represent the new industry. these companies are here to keep the dialogue and collaboration at a high-level going with us. it is the ongoing dialogue like the one we are reading about a new tax structure for the city that does not punish the inventiveness we want to have. i would like to open with that introduction, welcome all of you here. i think he will see and hear an exciting introduction of these new companies. they're going to raise questions we do not have the answers to yet, but i do believe we have the spirit in this city to welcome solutions with your involvement. we will have the ability to do this on line as well is in these forums. i will be part of the ongoing discussion. i want to see all of you interact with the city an
" that sprung from the awful doldrums of the u.s. economy under jimmy carter apply stronger, more strongly today. >> house so click >> obama is the same kind of antibusiness president and insight president. same kind of managerial, interfering, strangling, surprising president jimmy carter was. >> you writing here about president obama. i want to get to the right page so i can quote it correctly, sir. you write under the obama administration that the u.s. had a morbid subversion of the infrastructures of its economy. the public sector has become a manipulative forest, aggressively intervening in the venture and financial sectors with guarantees and subventions that attract talent and debunking. >> the worst of this is the korean cast of the obama administration. the epa now has gained control over everything. see so to have been deemed a pollution, dangerous to the environment in co2 is of course that these plans. they attempt to surprise or two epitomize the anti-nature, enterprise spirit of this administration. the reason we need another supply-side revival of the same kind we had under ronald
. the latest gdp provisions looks like the economy may finally genuinely be in a real recovery. it increased by 3.1%. of course, we've been here before many times over the past four years and each time it appears that the economy is going to achieve a philosophy, it gets pulled back to earth. there are two issues. cyclical, how and when we will once achieve full employment and strong growth and structural issues, what aspects do the fundamentals of our country work and not work. barack obama has insisted it won't be enough to cover the downturn and the economy needs fundamental reform and invention. >> i know that we'll have to overcome our doubts and our divisions and we're going to have to overcome a determined opposition of powerful special interests before we can truly reform a broken economy and advanced opportunity. >> if we take seriously the idea of emerging from the great crisis into a radically new economy, be there are core questions about what that economy will look like that almost no one in our political class is asking. what is the proper role of finance, a sector that account
city initiatives -- you know, this -- the schering economy working group will interface with or connect with, and how does it fit in with existing strategic goals and plans of the city? >> i think our director of environment in our city has issued a goal for 2020, being mission -- emission free, carbon neutral. that is something that when you think about the economic impact of these new business models, it can contribute quite greatly to that. i am going to answer the question a little bit differently -- i have been inspired by this space considerably. there's a lot more opportunity. cars, so many assets we have in our society. as a city, we own buildings, cubicles, museums, golf courses, so much that we have -- >> yes, but it is our property, right? >> yes. that is a very good point. stewards of these resources, and they are often underutilized resources, so how do we improve access to those? there is a lot to learn from this that could be applied to the public comments. >> thank you. let's open it up. do we have a microphone for people to come to? ok, we will just it old school. if yo
. they are studying the evolution of specialization as they uncover details of ancient economies around the world. in the maya city of copan, a jeweler fashioned rare shell and jade for his powerful lord. in mexico, living artisans echo the economy of a vanished civilization. and in teotihuacan, evidence of mass production has now been unearthed. tiny faces of clay reflect the men and women who made them a thousand years ago. on the other side of the world, in the ancient roman city of ostia, huge merchant ships were part of an economy much like our own. and today, the tanners of morocco still practice their ancient craft, living proof that economies have evolved out of the past. everyone who has ever lived has been part of an economic system. iel bote grande...mil pesos! economic systems are simply the ways people produce, distribute and consume things -- everything and anything, from tortillas to stocks and bonds. for 10,000, 10,000 an eighth. today, as in the past, economic systems lie at the heart of how a society is organized. archaeologists search for these systems because they believe econ
month of purchases. we are prepared to bury that as new information comes in. if the economy's outlook gets most of the stronger, we will begin to ramp down the level of purchases. the problem with giving a specific number is that there are multiple criteria with which we make this decision. we will look at the outlook of the labour market but we will also look at other factors that may be affecting the outlook for the economy. for example, if the fiscal cliff occurs, i don't think the federal reserve has the tools to offset that the event and in that case, we have to temper our expectations as to what we can accomplish. we will also be looking at the efficacy and cost of our program. if we find it is not working as well as we hoped and that -- and various costs are emerging we had not anticipated, we will have to take that into account. we do not know precisely what would define a substantial improvement. as long as the cost and other concerns to not emerge, we will be looking for something that is substantial in terms of a better job market. >> peter cook - if i could follow up on yo
to do. we're proud to be here, part of the sharing economy, and hearing from you guys as well. >> i am the director of public policy at air b &b. it is an online community market place where residents can lift their haul -- list their homes for rent when they are out of town. i am travelling next week and plan on listing my apartment for rent to a visitor. these hosts are in 19,000 cities. the use the income to afford the increasing cost of living, whether paying off your mortgage, paying rent, or expanding income. travels who use the service are looking for a different experience from a hotel. we have hosts in every single neighbor had in the city -- neighborhood in the city that offers authentic experiences. the hosts take pride in being unofficial ambassadors of their neighborhoods. the visitors enjoy the experience. the state average of five nights. that is twice the average of the hotel guests. they patronize local businesses and experience of the city has to offer. -- experience all the city has to offer. >> i am one of the founders of get around. we are a marketplace for cars sh
have injected another shot of stimulus into the economy. they're facing pressure from the incoming japanese leader. >>> welcome to nhk world "newsline." park geun-hye made a lot of promises during her election campaign. she said she would make life better for south koreans. now the pressure for her to keep those promises is on. people across the country are watching the president-elect closely and analyzing her victory. earlier i spoke with a reporter in seoul on the day after the election. >> reporter: the south korean media are busy telling park geun-hye's history, they're going over the twists and turns of the path that led to the start of a late president back to the blue house as president. experts say the high voter turnout helps park win more than 50% of the ballots. some initially thought it would have favored opposition candidate moon jae-in who has widespread support among young people. in past presidential elections, voters in their 30s or younger outnumbered those in their 50s or older. this time around the reverse happened within perhaps because society is aging and bi
reached a deal to stop tax rises in spending cuts from damaging the american and the global economy? hillary clinton is being treated at this hospital in new york. she has a blood clot. there's concern over the health of the venezuelan president who has suffered complications after cancer surgery in cuba. walk into bbc world news. coming up, and look back at the british troops as they prepared handover to afghan forces. new zealand becomes the first major city to welcome 2013. time is running out for politicians in the united states to strike a deal to prevent the economy from going over the so- called fiscal cliff. that is when a package of automatic spending cuts and tax rises comes into fact which could set the country back into recession. that less than 20 hours into the generate the first deadline. >> as night descended on washington, no deal precentors went home with a low over 24 hours to go before the huge austerity package known as the fiscal cliff, something almost nobody wants is due to descend on the american economy. >> we will come in at 11:00 tomorrow morning and that
consumption, schering economy parking permit, parking pass along those lines would be very helpful, as well as just generating awareness here in other cities -- for instance new york city -- the mayor did endorse utilizing companies in the sharing space. i am really excited to be here tonight working with the mayor's office because i think it is a tremendous step in the right direction. and the fact that so many collaborative consumption companies are born here. we, as a city, should really be the leadership model in the space. >> i think, for us, there are currently right now less direct regulatory concerns, but i imagine more will emerge. i think that legitimacy and credibility to create programs that the city can actually sanction these types of businesses because we are not 84 provider. our providers are not for operators. they are individuals leveraging a platform. really looking at those nuances, but also finding a way to make this credible. i think trust is a big issue in our community, and for people to understand the you do not have to use the hotel concierge or go on a doctor or t
. and the american people are not going to have any patience for a politically self-inflicted wound to our economy. not right now. >> alas, this is how we do things now, create economic storms then look to provide an umbrella at the last possible second. we avert disaster but move no closer to solving our long-term economic problems. after a moment of spiritual clarity on friday afternoon, harry reid is working on a bipartisan deal ostensibly with his republican adversary mitch mcconnell. >> -- engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. >> well, if the senate manages to reach a compromise, the hope is that the house would follow. that's option one. the green one. option two is less certain. president obama reportedly challenged congressional leaders from both parties on friday to come up with a deal better than the one he proposed. the center piece of which is that the top marginal tax rate will incr
. appreciate your time today. >>> when we return, what happens to the global economy if the u.s. goes over the fiscal cliff? >> markets i think would react very quickly. >> we'll talk to the woman who's keeping a close watch. my interview with imf chief christine lagarde is next. reti. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ at the chevy year-end event because chevy's giving more. more efficiency with sonic and cruze... more function in equinox and traverse... more dependability with the legendary silverado... and more style in the all-new malibu. chevy's giving more at the year-end event because 'tis the season. chevy's giving more. this holiday season, get a 2013 cruze ls for around $169 per month or get $500 holiday bonus cash. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting th
at city hall who want to hear news views and ideas on the new collaborative economy. we're interested in it because it has aspects that have piqued our interest, about hoour environment, how to improve life for more people, how to make an expensive city more affordable to more people, how to utilize the strengths of the city as a great tourist city. how we can get more folks to come and experience the wonders of the city. maybe they will make their stake here. these panel members have decided to make their stake here. they risked reputation, may be small amounts of money. if they had a lot of money, they may not have had to start this. they have also done it for the right reasons. they want to experience the city in a different way, but one that is in the tradition of san francisco and is reflective of mine, welcoming more people to share in the economy. hopefully the right reasons will create more jobs and get more entrepreneurs involved. i have often said this can be the city for the 100%. everybody can have a chance to fulfill their dreams and make sure they can have a stable incom
in buyers and confiden consumer confidence at a low. does that mean that the economy is already scrooged? hi, everyone, i'm he brenna buttner, this is bulls and bears, and we've got gary b smith, tobin smith. jonas max ferris and susan and larry. okay, larry, no deal on taxes and debt scrooging holiday sales and the economy? >> that's right, brenda, you know, i don't want to be the grinch here, but in a word we are scrooged. >> the grinch! >> very, very optimistic expectations and an outlook for retail sales that was very rosie and those optimistic expectations have faded as we've gotten closer and closer tthe end of the year with no fiscal cliff deal in sight. and as a result, consumer sentiment is falling off a cliff, just like the fiscal cliff we're going to fall off so we've got a problem on our hands and couldn't happen at a worse time and today, super saturday, the second busiest day of the year. >> brenda: well, a lot of retailers are saving the big discounts until right at christmas and after. if consumers know that, maybe they're waiting, too? >> that's right. a lot of us are procra
their parents. this. the weekend the american economy is not creating any jobs of any kind -- enough jobs of any kind. to many americans cannot have the skills they need. the path to a prosperous middle class is a combination of a vibrant economy that creates and positive role. federal policies on the national debt, taxes and regulations, allclass job creation. opening and growing a business. they are afraid of getting hit with a massive tax increase to pay off this debt. one of the leading causes of our growing future debt is the way medicare is currently designs for the future -- designed for the future. the sooner we act, the likelier we can do it without making any currently in the system, like paul ryan's and my mother. a complicated tax code is also hampering the creation of jobs. you cannot open a business if uncertain. that is allied i oppose the present's plans to raise taxes the -- that is why i oppose the dent in the debt. over half of the private sector workers and america work for the plans will raise taxes on. we should a follow the examplewe should keep rates low on everyone, simp
supplied to the economy by the fed and the stock market has had a lot of the crazy stock is replaced by a larger bubble in the real estate in which we expanded this economy based on all of the false rules while people were spending money that they don't have come in and we have a lot of consumption and employment that was a function of the wealth. that bubble burst and now all of the achieved money that the fed was creating was going into the government through the bond market. the government was able to borrow enormous amounts of money and all true low interest rates thanks to the fed coming and now we have an economy that is dependent on all of this excess government spending in the cheap money and you can see it in the price of the bond but like the two prior bubbles it is going to burst and unfortunately what it does, the consequences for the economy are going to be much worse than they were when either the real estate bubble burst or the stock market bubble. >> and again, the 21st, the so-called private sector baubles, what was the federal government role in your view in creatin
still waiting. wh but would no deal be better for the fiscal economy than a rushed deal. brenda buttner, bulls and bears. gary b smith, tobin smith. jonas max ferris. a no deal better than a bad deal. >> it would create more uncertainty or one of the deals they're talking about, which is raising taxes and now, and they trust us, we'll get to the spending cuts later on, let's not worry about that right now. the last thing we want to see is a weak-need congress and a weak-willed president patting themselves on the back because they have some watered down deal. i think they need to feel some pain, i think they need to see he the implications in the markets, in the economy, so, yes, i think no deal right now is better than a bad deal. >> okay, gary b, jim mentioned the market, let me play wall street on tv. basically i'm sick of this. i'm going to keep heading south because the uncertainty, the anxiety is killing me. if we had any kind of deal, at least we might see stocks move up a bit. that would be good for our 401(k)'s, wouldn't it? >> that's exactly my perspective, brenda. this was a r
of the dynamics of the economy, in terms of the power of these tools and in terms of the fact that we do need to take into account the possibility of other costs and risks that might be associated with a large expansion of our balance sheet. [inaudible] >> just following up on that last question, how helpful would it be to see as part of the fiscal cliff resolutions and near term stimulus? the president has proposed that. how helpful d think that will be and i will ask my follow-up now. what ever happened to your southern accent? >> on the second one, i would like to think i am bilingual. when i go home sometimes it comes out pretty strongly but i won't try to do that here. i try to be careful as you know, not to give views on specific tax spending programs. of course, those are the province of the administration and congress. the attitude i have taken has been the at a minimum congress should try to do no harm, they should try to avoid policies that significantly slow or derail the recovery. that is the critical thing along with long term objective of achieving a sustainable fiscal path. giv
force. we're focused on a global economy. those from harvard are competing globally with students from china, germany, brazil. tavis that transform the way we think about education? do you think your role as straining american leaders? are you looking at attracting global leaders? >> there are so many questions. let me address a few of them. there are numerous kind of statistics that we have a preeminence of college graduates in our populations and levels of participation. we are losing this. we have once last three of the world's college graduates. that is an interesting illustration of a shift in the dynamism. i see this when i travel. a huge commitment to public resources. huge energy to enthusiasm of higher education. india wants 1500 new universities by 2020. alicia's in a meeting about hong kong this week. i learned that hong kong university is expanding undergraduate education from three years to four years because they think it is not giving students enough time. there are all these buildings going up. here we are being told in the united states that maybe we should reduce ours
stimuting the economy by buying bonds. darren gersh explains the dramatic move. >> reporter: ben bernanke and his colleagues will no longer mark a date on the calendar for when they expect to begin raising interest rates. from now on, they'll make that call based on a target for the unemployment rate and inflation. >> it'll act to some extent as an automatic stabilizer. so if the outlook worsens and that leads markets to think that the increase in rates is further out in the future, that will tend to lower longer term rates, and that will tend to be supportive of the economy. so that has an automatic stabilizer-type effect. it offsets adverse shocks. >> reporter: as it turns out, the fed expects the unemployment rate to fall below 6.5% until 2015, exactly when the fed said a few months ago it expected to begin raising interest rates. so this isn't much of a change in policy. bernanke also said the central bank will continue buying bonds, $85 billion a month, to help bring down interest rates and boost growth. and the fed plans to keep doing that until the labor market shows a solid pickup
the problems facing the u.s. economy for about an hour and 45 minutes. next on book tv. [applause] >> thanks to the fashion institute of technology. unquestionably the most in the world today. [applause] in addition to being nobel laureates i would have to say from the vantage point for the economic thinking those would be my finalists. [applause] as you know, we've written a book that pertains to the challenges and circumstance the price of an equality. on behalf of them i thank you for your patronage and. let's start with paul. paul, you talked about and this depression now. a lot of people don't believe we could end this now. but agency deutsch human beings have to take on this challenge? something that is recognizably the same kind of animal. we victimize it is the same technology still there and skills are still there. look back to the 1930's and there are a lot of people making the argument that there were no easy answers and you could quickly get out of this [inaudible] and the 1939 and these are fundamental problems and if we want to make progress to cut unemployment benefits and thi
of the excheck kerr. >> mr. speaker, it's taking time, but the british economy is healing. [laughter] after the biggest financial crash of our lifetime, people know that we face each problem at home and abroad. at home we live with the decades of debt and the failure to equip britain to compete in the modern world. and we face a multitude of problems from abroad. the u.s. fiscal cliff, the slowing growth in china, above all the eurozone now in recession. people know that there are no quick fixes to these problems, but they want to know that we are making progress, and the message from today's autumn statement is that we are making progress. it is a hard road, but we're getting there, and britain is on the right track. >> will the chancellor resume his seat. now, look, let's be clear about this. the house knows well enough by now that i will afford a very full opportunity for questioning of the chancellor. but the more interruption, the greater the noise, the longer the session will take, and that cannot be right. so i appeal to members, please, to give the chancellor a courteous hearing as,
place to be once they settle this thing. the third and the most important thing is the u.s. economy is the most vibrant, adaptable, innovative and creative economy on the planet. i think that means we're coming out and starting to see that in many sectors today. we're bullish and think you need to look at this on a positive frame. >> maria, i'm less bullish than that. that sounds very optimistic. i would love to believe that, but if you compare valuations of equities versus bonds, yes, there's a huge spread right now, but that doesn't necessarily make equities really cheap. it's just a relative trade. i think, also, yes, we're a vibrant economy. we certainly are a strong economy. i think it's really unsustainable, the level of debt that we have in this country. we have $1 trillion in debt. i heard an incredibly succinct way of describing this. rick santelli actually said it this morning about how you can't say you're cutting $800 billion when really $80 billion is really from wars that are just going away. that's not really a cut. that's taking away the addition. i think you need to
republicans must do more than simply avoid the fiscal cliff to get america pause economy growing again. >> there is still the degree of uncertainty. investors, entrepreneurs households, are not making decisions because they do not know what tomorrow will be. >> but washington's top republican leader, house speaker john boehner, complains there has been no progress in avoiding even immediate crisis. >> when it comes to the fiscal cliff disrupting our economy and threaten jobs, the white house has wasted another week. >> democrats shona signs of backing off from supporting the president's hard-line stance on raising the income tax rate on the rich. >> we realize there have to be two sets to the bargain, but we are not going to go back to what we did in 2011 putting both revenues and cuts on the table. >> despite the impasse in washington promising signs the economy might be improving -- more job creation, improvement in the housing sector, and a decrease in household debt. solution -- spending cuts combined with an increase in tax revenue. >> talks about the fiscal cliff and the meeting
be aboutthe economy and working americans, 98% pass the bill. they have the assurance that they will not be subjected to an increase in taxes january 1. this will give them confidence and it will add immeasurably to the confidence of our economy and that is why we ought to do it. it is not a question of a tactical advantage. it is a question of whether working americans will have the assurance that they will still have the resources to anticipate growing the economy. >> every movement has to have an answer. why can we come together as the american people want us to? i think that we continue to focus on the middle class. we continue to defend and stand for the middle class moving towards what we have in the fall right now with the mohsen -- the motion to discharge. but as the legislation that has already passed the u.s. senate. we should move on that and then we have other things to deal with this year. to send a message to the american people, it is time to move forward and get down to doing the business of the people of this country. >> i don't think the issue of disp
% -- 10%, 20%, 40%. it is not too much to ask. we could see the economy and americans with some certainty. >> do you think the economy stays or goes down in little bits? do you believe the economy could withstand the effects of allowing the bush tax cuts to expire for all americans, even temporarily? >> that is not all of the discussion. the fiscal cliff would affect 27 million american families. there are other parts of this. when you hear about the fiscal cliff, it is not really the tax rate. i do not buy that at all. i do not think we need to increase these tax rates. >> if you go over and the tax rates go up on everyone and all that goes away -- >> i do not think we should do it. i think we should resolve this. it depends on if we do something about it in the next month or two after that. if we do something in 30 days or 90 days and we are clear about that, but nothing people believe we are going to do something until we do it. >> the to go to the broader concern. does the top rate have to end the 39.6% the way it was under bill clinton? could be democrats accept something between if
answer in today's economy" elizabeth ames, first of all, tell us about yourself and your personal experience, particularly when it comes to economics. >> i've been a finance journalist, but i've also been on both sides of the press release. so i started as a journalist and have my own pr business and they've also done projects, communication projects with clients. among them, co-authored the book. basically i were to steve forbes and conversations led to the idea for this book. >> how did you meet steve forbes? >> i met him at an event i did when i was working in southern california and one thing led to another. i moved back to new york. i am from new york and started working at "forbes" of the pr department. >> elizabeth ames, or practical experience, how do that that? >> i've learned a lot since "forbes." when i sat "forbes" islandwide about markets. again, i began as a journalist and worked at "businessweek" many years ago as a journalist. but when i started to work as an entrepreneur, i learned about the fact that you really need to have economic freedom to create jobs. someth
in europe of binding disparate economies by means of common currency. this is not the first time these things that happened. it happened in the united states of america. you have disparate economies in the united states of america that are bound together monetarily. missouri and washington state are as different as germany and greece. what is it that keeps the united states together? you had a great depression here in the 1930's. things were awful. and yet, i do not believe there were any political movements to get rid of the deficit states from the united states, like there are in europe and portugal and spain and everywhere else that happens to be in deficit. the reason is, the federal- state, especially after 1929 plays the role of the regulator of surplus and deficit recycling around the land. let me give you a simple example. we are in seattle. boeing is sponsoring the lectures. when boeing goes to washington to give a contract for the next generation jet or whatever, they may get it. they do get it. but there are some things attached. like for instance, we want a factory t
of japanese economy in the next two quarters. >> luca, before we get into those prospects, i want to circle back to those policies. sure cow wa's policy is up sometime next year. and after a political campaign that saw so much receipt rif about central bank policy, what kind of policy is he trying to see here? does he want to be the guy who takes the tough stance against that rhetoric or sdupt to be the guy who boosts major efforts against the japanese economy? >> obviously, he has been pushed. there is no question about this. he has been pushed to act and he preannounced that at the next meeting they're going to discuss the inflation target, which was one of the work hars of the ldp during this electoral campaign. so no question that he has been pushed to make this quite aggressive statements today, this morning. hover, the fact that he did it ahead of any effective political pressure from the new administration means that he wants to be seen pass one who has launched this ahead of any kind of political pressure. and i think hesitate legacy is going to be one of kind of moderate monetary p
are transforming the global economy." he was in atense for the fall for the book festival held annually at the university. it's about a half an hour. >>> now joining us here at george maison university is professor philip auerswald. the most recent book is "the coming prosperity: how entrepreneurs are transforming the global economy". here's the cover of the book. professor, what role does -- play in economic development? >> well, that's a great question, and maybe i'll talk about what role does fear play in our conversation about. the conversation about the present. when we talk about our reality and share our idea in a marketplace, we're competing with other ideas. we know three things about marketplaces for ideas. short term sells better than long-term, fear sells better than hope, negative sells better than positive, and exaggerated sells better than moderated. so we see a disproportionate number of short term narrative of negative, exaggerated stories essentially. so short term negative exaggerated. that is overrepresented in the marketplace of ideas. there's good reason for that.
the economy. the central bank is widely expected to announce an extension of its bond buying program when it meets next week. erika miller, "n.b.r.," new york. >> tom: with the fiscal cliff about three weeks away, washington hasn't made much progress to avoid it. that was the assessment from one of those directly involved: house speaker john boehner. the top republican today accused president obama of, "slow walking", the economy to the edge of the cliff. he repeated his call for the president to send congress a plan that can pass both houses of congress. tax rates are the major sticking point. the president wants to raise them for america's highest earners, house republicans strongly oppose: >> instead of reforming the tax code and cutting spending, the president wants to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington's got a spending problem, not a revenue problem. >> tom: congress and the president have 24 days to reach a deal, before the fiscal
. consumer spending, of course, makes up about 70% of the u.s. economy. if you have been missing the google maps app on your iphone, you should be able find it now. it's been three months since apple replaced google maps. that was not nearly as popular and not nearly as good. google released its free application this week, and it's expected to become one of the hottest commodities in the apps store. >>> a bold move by the fed seemingly no moves at all when it comes to the debt ceiling and debt issues. two big stories. what do they mean and what happens next? joining me now is bob nardelli, former ceo of home depot, former chairman of chrysler, and president of the private equity firm x lr-8. >> thank you. >> as a businessman, what is your take on the fiscal cliff issue? how do you think these negotiations end? >> well, i mean there, is so much speculation out there and such a broad range of opinions. i guess if i had to predict, i would say we probably will not reach agreement and there is a high probability we will go over the cliff, and the impact of that, the repercussions i think are ca
and its potential impact on our economy brought lawmakers from both houses to washington for last-minute negotiations. concerns about the cliff spooked investors, the holiday shortened trading week was lighter in volume but higher in volatility. the worst decline of the month on thursday after a disappointing read on consumer confidence and some statements by congressional leaders. and yet, with one final trading day to go, all the major averages were still showing positive performance for the year of 2012. meantime, the u.s. is set to reach the debt limit on monday. that, according to treasury secretary tim geithner in a letter to congress, though, he did say he expects to take what he called extraordinary measures to extend the government's borrowing ability for another two months or so. and even your cup of coffee wants a deal on the fiscal cliff. baristas at the 120 starbucks in washington, d.c. were encouraged by management to add a shot of bipartisanship to their drink orders and remind customers in our nation's capital to come together. >> wall street is typically quieter t
that we need to go forward in getting our economy turned around, in reducing our deficit in creating jobs. so i think when jim deminute looked around, he looked and saw a future where he would be standing by himself very often and likely face ago dwindling even greater dwindling number of tea party advocates and allies. i think he headed for the doors because he thinks that probably, as he said, the only way he's going to have a significant impact is through a think tank. >> to switch over to your side of the capitol the house of representatives, the tea party there seems to be playing defense. i know alan west, one of your close buddies was upset that he lost, he is gone. how does it feel when you look at john boehner the speaker republican leader and he knows every day that the tea party which had held him hostage the last two years the tea party in the house is playing defense, as well it seems. >> well, i was playing more than defense. unfortunately it feels like in the house the tail continues to wag the dog. you still seem to have a leadership on the republican side in the house led
of the economy. you don't want to pay off the debt but you want it to fall. host: how did we get to this point? why is the government spending so much and under this president, we've seen the debt go up $1 trillion each year over the last four years. where is it going? guest: there are two main ways to look at it. right now, we're still coming out of this economic crisis. so you have large debts for four years mainly because you have low revenues as people don't have jobs or they are getting paid less. then there has been extra spending programs over the last four years but also, we have this mandatory spending programs that grow on auto pilot. over the last four years they have grown because they represent the basic social safety net that we have when we enter recessions. so food stamps, medicaid, they spend more when the economy is bad. so i think that is the main thing to look at when you look at the last four years. there are some structural issues that we don't blame but look towards to explain why people are afraid of debts over the long-term. that is because our mandatory spending progr
is they are not pulling anything and they are not raising rates anytime soon because the economy is not sustainable on its own. while you are seeing some minor improvements here and there, the truth of the matter is the economy cannot do it on its own. back to you. melissa: nicole, thank you so much. lori. they will let operation twist expire. expressing disappointment with the pace of recovery employment. let's bring in the chief investment officer of merck investments to weigh in. axl, it is great to see you. this is where i want to start. we have had years of quantitative easing. what has it done for the economy so far? >> it has certainly helped the price of gold. let's think about why the fed is doing that. the reason the federal reserve is doing it is because at some point, we will get economic growth. the bond market filling up means higher cost. do not worry about economic growth, per se. we worry about the unemployment rate. they do put in this language here that should inflation go up to 2.5%. that is a bad joke. it is a bad joke because the expectations will jump around. they do that to keep th
tomorrow. so we will have avoided a catastrophic event for the economy but we still could have done better with the timing. adam: let's point out some of the details what's in the work in senate. we understand the deal, at least for taxes which mitch mcconnell, said, taken care of. taxes going up for anybody making 400,000, single person, $450,000 for a married couple. we understand that. as soon as it gets to the house, tomorrow? and when could the house vote on this. >> assuming speaker boehner brings the senate bill to the house floor for a vote. we don't have confirmmation he will do that, it could be as early as tomorrow morning assuming the senate acts, at which point we pass it to get it on the president's desk by the end of the day tomorrow. adam: it doesn't include any of the spending cuts that republicans have been adamant about getting. spending out of control. democrats and republicans agree upon that. how does speaker boehner rally members of his caucus who did not rally behind him about a week ago if there are no spending cuts? >> a couple of things. remember the sequestratio
to develop north korea's economy. >> translator: we must start on a path of industrial revolution for the new century to make north korea a great economic power. >> reporter: but there are no tangible signs of improvement. the u.n. world food program says 16 million north koreans, or nearly 70% of the population, suffer from malnutrition. north korea's relations with the outside world are at a standstill. last february the united states agreed to provide food aid in exchange for a freeze on ballistic missile tests. but the deal was broken after the north tested a missile in april. north korea's leadership has been trying to hold direct talks with the united states, but officials in washington said they are not ready to accept. china is also applying pressure on its neighbor. arguing that the missile launch would violate u.n. resolutions. >>> several japanese ships have headed to southwestern japan to get ready for the launch. they're carrying intercepter missiles. a maritime self-defense force vessel arrived at ishiyaki equipped with surface to air missiles. the flight path could take it over
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